Woodbine cancels plans for 21-story River Walk hotel

Dallas developer Woodbine Development Corp. has canceled plans to demolish the old Solo Serve store and other landmark buildings along the River Walk for a 21-story AC Hotel by Marriott.

“Unfortunately, our capital partner was not comfortable with the market dynamics in San Antonio,” said T. Dupree Scovell, managing director at Woodbine, in a phone interview.

The partner began to question the project because San Antonio’s supply of hotel rooms is increasing as more hotels are built while “demand is not as strong as you’d like it to be,” Scovell said. Another factor was the local market’s “ceiling” on hotel room rates, he said.

Scovell said it was possible the project, which would have been on the 100 block of Soledad Street, could be revived in another form.

“Perhaps that’s wishful thinking because we’re so invested in San Antonio,” he said.

The hotel would have had 252 rooms, eight floors of parking and retail on the street and the River Walk, according to past news reports. It would have replaced a cluster of buildings that are classified as local landmarks and date back to the early 20th century.